Newron Pharmaceuticals

SW: NWRN

Market CapCHF27m

Last Close CHF1.53

Newron Pharmaceuticals is focused on the central nervous system. Xadago for Parkinson’s disease (PD) is sold in Europe, Japan and the United States. Evenamide, a novel schizophrenia add-on therapy, is involved in a Phase II/III trial programme targeting schizophrenia.

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Investment summary

Newron is developing evenamide (30mg twice per day) as an add-on to treat poorly managed and resistant schizophrenia. A potentially pivotal Phase II/III study (008A) is underway and could report by Q422. Further US studies will be needed. Newron hopes to partner evenamide for larger indications and to sell the product directly for clozapine-resistance. FY21 results showed Xadago royalties of €5.8m, up 9.4% versus FY20. Newron had cash, equivalents and other of €34.6m at the end of December 2021.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2020A 5.3 (16.4) (18.2) (109.0) N/A N/A
2021A 5.8 (12.1) (14.1) (79.0) N/A N/A
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

Xadago is marketed as an add-on to levodopa therapy in PD. It is sold by Zambon in Europe and by Supernus in the United States. The additional study on a dyskinesia indication should start in Q122 and could eventually boost US sales. Generic manufacturers have notified the FDA of their intention to file generic Xadago products. Newron is contesting these filings. After 2022, Xadago is protected by a set of patents, which expire no earlier than 2027 if upheld.

Last updated on 30/06/2022
Content on Newron Pharmaceuticals
Newron Pharmaceuticals – Pivotal progress on schizophrenia therapy
Healthcare | research QuickView | 1 November 2021
nerve cells
Newron Pharmaceuticals – Evenamide validation underway
Healthcare | research Update | 27 September 2021
nerve cells
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Share price graph
Balance sheet
Forecast net debt (€m) 11.5
Forecast gearing ratio (%) 569
Price performance
%
1m
3m
12m
Actual 9.3 10.9 (40)
Relative* 18.1 25.5 (33.3)
52-week high/low CHF2.6/CHF1.2
*% relative to local index
Key management
Stefan Weber CEO
Marco Caremi Executive VP of Business Development